My Family Keeps Asking About How Much Money I Have

Summary

Summary of "My Family Keeps Asking About How Much Money I Have"

The Ramsey Show Highlights released on March 25, 2025, features a compelling discussion between host Dave Ramsey and a listener named Guido from Albany, New York. In this episode, Guido seeks advice on managing intrusive inquiries from family and acquaintances regarding his financial status during retirement. This summary captures the key points, discussions, and insights shared during the episode.

---

1. Introduction to Guido’s Financial Situation

The episode begins with Dave Ramsey introducing Guido, a 65-year-old retiree from Albany, New York. Guido provides a snapshot of his financial stability:

• Debt-Free Lifestyle: Guido and his wife have no debts except for their mortgage, which stands at approximately $93,000 with a favorable interest rate of 2.8% and ten years remaining.

• Income Streams: His wife, who is nearing 69, continues to work in a scientific position, earning $72,000 annually, and receives her full Social Security benefits.

• Financial Management: They maintain multiple bank accounts and recently paid off a car loan, demonstrating prudent financial planning.

Notable Quote:

"[Guido] and I have no debts. I'm retired. I'm 65. She will be 69 next month. She still works in a scientific position. She makes 72K."
— Guido [00:10]

2. The Challenge: Intrusive Questions About Income

Despite their solid financial footing, Guido faces persistent inquiries from various quarters—family members, neighbors, and friends—probing into his retirement income. This continuous barrage leaves Guido feeling uncomfortable, as he prefers to keep his financial matters private.

Dialogue Highlights:

• Guido: “I am constantly barraged by family members trying to find out what my retirement income is.” [00:45]
• Dave Ramsey: “Why is it they think they're business?” [00:59]

3. Exploring the Root Causes

Dave Ramsey delves into understanding why Guido is subjected to such questions. Guido clarifies that these inquiries come not from his children but from extended family like brothers and cousins, as well as neighbors and friends. He expresses frustration, labeling these inquirers as "vultures" seeking personal information.

Notable Quote:

“It's nobody's business.”
— Guido [01:19]

4. Dave Ramsey’s Guidance on Maintaining Privacy

Ramsey empathizes with Guido’s predicament and offers strategic advice on handling such intrusive questions without causing friction. He emphasizes the importance of setting boundaries and maintaining privacy regarding personal finances.

Key Advice Points:

• Non-Disclosure: Ramsey suggests that it's acceptable to withhold detailed financial information, reaffirming that personal income should remain private.

• General Responses: He recommends offering vague but honest responses, such as highlighting their frugal lifestyle and financial discipline without divulging specific numbers.

Notable Quotes:

“We live on less than we make and we're very frugal and very careful, and it has paid off for us over the years.”
— Dave Ramsey [02:54]

“We don't disclose our personal details.”
— Dave Ramsey [02:14]

5. Addressing Persistent Inquiries Gently

Ramsey advises adopting a gentle yet firm approach when confronted with repeated questions about income. He suggests techniques such as:

• Polite Deflection: Offering a courteous but vague response to deflect the question without offending the inquirer.

• Humorous Deflection: Lightening the conversation by using humor, as exemplified by Ramsey’s playful suggestion of saying, “nunya nya nunya business.”

Notable Quote:

“I would gently say none of your business. Well, you're kidding. I don't talk about that kind of stuff.”
— Dave Ramsey [03:13]

6. Emphasizing Financial Independence and Satisfaction

Beyond addressing the immediate issue, Ramsey highlights the importance of financial independence and personal satisfaction as buffers against external pressures. By focusing on their own financial goals and contentment, Guido and his wife can maintain their privacy without feeling compelled to impress others.

Notable Quote:

“The only person I need to impress is myself every time I shave.”
— Guido [01:19]

7. Conclusion and Final Thoughts

The episode concludes with Ramsey reaffirming the value of privacy in financial matters and encouraging listeners to maintain their boundaries respectfully. He reiterates the benefits of budgeting and financial discipline, subtly promoting the EveryDollar app as a tool for effective financial management.

Final Notable Quote:

“Create your free EveryDollar budget today. The simplest way to budget for your life.”
— Dave Ramsey [03:32]

---

This episode serves as a valuable guide for individuals navigating the delicate balance between sharing personal financial achievements and maintaining privacy. Ramsey’s empathetic approach and practical advice offer listeners strategies to uphold their financial boundaries gracefully.

Transcript

[Dave Ramsey]

Brought to you by the EveryDollar app. Start budgeting for free today. Guido's with us in Albany, New York. Hey, Guido. What's up?

[Guido]

Pleasure to speak with you. My situation is wife and I have no debts. I'm retired. I'm 65. She will be 69 next month. She still works in a scientific position. She makes 72K. She gets her full Social Security, which is about 18, five banks that we don't have. Car payments. She bought a car April of last year. Financed it briefly at one point. I paid it off last month.

[Dave Ramsey]

Okay, what's your question?

[Guido]

All right. I am constantly barraged by family members trying to find out what my retirement income is.

[Dave Ramsey]

Why. Why is it they think they're business?

[Guido]

What? I. I don't know.

[Unknown]

Is it your kids or just.

[Guido]

We have no kids. Brothers, cousins?

[Unknown]

Are they vultures?

[Guido]

I guess they are. Neighbors across the street, friends. It's nobody's business.

[Dave Ramsey]

You know, it's strange. I never have anybody ask my income.

[Guido]

Is there a way to put this to bed? I mean, I keep hearing. I have several cards, some from the 70s, 80s. I'm like you. I like old cars. I like to work on my cars. Some are pretty, some are not. I hear you ought to get rid of all those old cars, go out and lease, lease. Never going to happen. I don't need to impress anyone. The only person I need to impress, I see every time I shave.

[Dave Ramsey]

There you go.

[Guido]

I worked in Europe for a while.

[Dave Ramsey]

I think, Guido, I think that's just what you say. I mean, I just think you say, hey, I appreciate the advice and all, but what I'm doing seems to be working for me. And if that works for you, you can do that for you. And if they ask about your income, I just say, you know, that's personal business. I don't disclose that.

[Guido]

The. The only debt we have, okay, is the mortgage, which is about 93. We have 10 years to go on a 50 at 2.8%.

[Dave Ramsey]

For somebody that doesn't like talk about your income, you give out your information a lot.

[Unknown]

Maybe you're talking about it with them too much.

[Guido]

We don't. Guido is an alias, Okay, I suspected. Yes, yes. And by the way, I did not spend my formative years in this country. Neither did my wife.

[Dave Ramsey]

But that's okay.

[Guido]

All right.

[Dave Ramsey]

I think the thing is this. I think you've got a wonderful story and a wonderful situation, and people wish they were you.

[Unknown]

They want to know how you did it.

[Dave Ramsey]

They want to know how you did it. And you would you know, I would just say, you know, we don't disclose our personal details. I will tell you that we live on less than we make and we're very frugal and very careful and it has paid off for us over the years and God has blessed us and we've been able to get some nice things and it's a blessing to not.

[Unknown]

Depend on Social Security.

[Dave Ramsey]

I don't disclose my personal income. I don't think to anyone. My, my wife knows and my tax guy knows. Yeah, our CFO here knows, but I don't. And if anybody ask, I would just gently say none of your business. Well, you're kidding. I don't talk about that kind of stuff.

[Unknown]

Would you say it gently, Dave?

[Dave Ramsey]

I would. And then third, the third time I'd say nunya nya nun dad gum business. Create your free every dollar budget today. The simplest way to budget for your life.